Securities Arbitration Lawyers Blog

Alain Florestan Guilty of Putting Profits Before Customers

February 11, 2016 | Silver Law Group

New York broker Alain Florestan faces allegations of misconduct and unsuitable trading.

After 16 years in the securities industry, New York financial broker Alain Florestan is no longer registered to act as a financial advisor or representative in the securities industry. During his career, Florestan experienced 10 disclosure events reported on his FINRA BrokerCheck.

The most recent allegation against Florestan names him as a respondent in a case involving $1.1 million in customer trading losses while these same customers paid over $1 million in commissions and fees. The disciplinary action alleges that during his time with Caldwell International Securities Corporation (CISC), Florestan and his colleagues “put profits before customers, growth before compliance, and subterfuge before transparency.”

Failure to Adequately Supervise Prompts FINRA Suspension of Roman Luckey

February 11, 2016 | Silver Law Group

Failure to Adequately Supervise Prompts FINRA Suspension of Roman Luckey on silverlaw.com

Ineffective supervision leads to FINRA suspension of financial services provider

Roman T. Luckey, formerly registered with Newport Coast Securities Inc., was fined $15,000 and also suspended for 14 months by the Financial Industry Regulatory Authority (FINRA) in August 2015 for failure to appropriately supervise his staff, who were taking advantage of clients by excessive trading, churning and making unsuitable financial recommendations.

The FINRA report maintains that Luckey failed to act on numerous obvious red flags concerning five of the financial representatives he supervised that impacted 24 client accounts between 2008 and 2013.

SEC Alleges New York-Based Lending Company and its Placement Agent Raise $8.6 million by Lying to Investors

February 9, 2016 | Silver Law Group

The Securities and Exchange Commission announced fraud charges against a Manhattan-based lending company and its placement agent for falsely stating that its financial statements were being audited and lying about the returns on the loans.

The SEC filed a complaint in federal district court in Manhattan against lending company American Growth Funding II LLC (“AGF II”) and brokerage firm Portfolio Advisors Alliance (“PAA”), as well as two of its executives, for promising investors 12-percent annual returns and concealing pertinent details about the deteriorating loan values that could jeopardize full payment of the promised returns to investors. PAA and its owner Howard Allen and president Kerri Wasserman allegedly knew the offering documents were inaccurate yet continued using them to solicit sales of AGF II securities.

The SEC’s complaint states that AGF II raised approximately $8.6 million from investors in a private placement offering from March 2011 to December 2013 and the company represented in offering documents that its financial statements had been audited and would continue to be audited each fiscal year. It further states that Ralph Johnson, AGF II’s sole managerial employee and 51 percent owner, knew AGF II’s financial statements had not been audited and would not continue to be audited each fiscal year but still caused AGF II to send out monthly account statements to investors that concealed the precariousness of its business.

Silver Law Group Investigates the Ivy Asset Strategy and Waddell & Reed Asset Strategy Funds for Potential Securities Law Violations

February 9, 2016 | Silver Law Group

Silver Law Group is currently investigating possible securities law violations and breaches of fiduciary duties against Ivy Asset Strategy Fund (WASAX) and Waddell & Reed Asset Strategy Fund (UNASX), both wholly-owned subsidiaries of Waddell & Reed Financial, Inc. (NYSE: WDR).

On May 15, 2014, Ryan C. Caldwell, a co-portfolio manager for both Funds, resigned. Since his resignation, the Ivy Asset Strategy Fund has fallen by more than 30% in value and has lost billions of dollars in assets. The fund is currently trading at $21 per share, down from $30 per share in 2014. Most recently, Waddell & Reed shares plunged upon the announcement of Michael L. Avery’s, co-manager of the Ivy Asset Strategy Fund, retirement on February 2, 2016.

Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights pertaining to these Funds, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.

Margin Account Guidelines

February 8, 2016 | Silver Law Group

Margin Account Guidelines on slverlaw.com

Key Information to know before you get started.

While the potential gains associated with securities trading in a margin account may be substantial, so can the potential losses. This is critical for investors to understand, along with the facts and risks associated with this type of trading.

Simply put, a margin account is an account offered by brokerage firms that allows investors to borrow money to buy securities. The investor typically deposits 50 percent of the value of the purchase and the brokerage firm loans the investor the rest of the money, using the securities as collateral.

Silver Law Group is Pursuing Claims by Investors For Losses in Oil, Gas & Energy, Stocks, Bonds, MLPs and Funds

February 2, 2016 | Silver Law Group

Silver Law Group represents investors in securities and investment fraud cases and has been retained to represent investors who have suffered losses in the energy markets, including investors who were solicited to purchase investments in oil, gas and energy, stocks, bonds, Master Limited Partnerships (“MLPs”) and funds. Many energy investments have collapsed in value in the past year leaving investors with substantial losses in concentrated positions of speculative investments. Silver Law Group has been retained to represent investors who were sold unsuitable investments or were misled by their financial advisors or stockbrokers into believing that oil and gas investments were safe for their retirement income. In many cases, financial advisors solicited clients to purchase “overconcentrated” positions in oil and gas stocks promising that these investments offered a high yield with limited risk.

Many retired investors and those seeking income were sold oil and gas energy MLPs, bonds, stocks and funds which may not be suitable for conservative or moderate risk investors. These investments may have violated the suitability rule imposed by the Financial Regulatory Authority, which prohibits unsuitable sales of investments to customers.

Some of the companies that are in the oil, gas or energy sector which we are investigating are:

Alerian MLP ETF

Alpha Natural Resources

Anadarko Petroleum

Atlas Pipeline Partners LP

BreitBurn Energy Partners LP

Buckeye Partners

Cheniere Energy Partners

Chesapeake Energy

Credit Suisse X-Links Cushing MLP Infrastructure

DCP Midstream Partners

Diamond Offshore

Enbridge Energy Partners LP

Encore Energy Partners

Energy Product Partners

Energy Transfer Partners

EV Energy Partners

First Trust North American Energy

Freeport-McMoran

JP Morgan Alerian MLP Index ETN

Kinder Morgan Energy Partners

Legacy Reserves LP

Linn Energy

Magellan Midstream Partners

Marathon Oil

MarkWest Energy Partners

MarkWest Energy Partners LP

NGL Energy Partners

Noble Energy

NuStar Energy LP

ONEOK Partners

ONEOK Partners LP

Pengrowth Energy Trust

Penn West

Plains All American Pipeline

Regency Energy Partners

Sunoco Logistics Partners

Transamerica MLP Fund

UBS Alerian MLP

Valero Energy

Vanguard Natural Resources

Williams Partners

Yorkville High Income MLP

If you have been the victim of investment fraud or have been misled by a financial professional trusted with an investment of yours, you might have the grounds upon which to assert a claim to recover your losses through FINRA arbitration or the courts. Silver Law Group is a nationally-recognized securities law firm representing investors worldwide with their claims for losses due to stockbroker misconduct. Our attorneys have Martindale-Hubbell® Peer Review Ratings™ of “AV” Preeminent for achieving the highest ethical and legal standards and Scott Silver is admitted to practice in New York and Florida. The firm has successfully recovered multi-million dollar awards for its clients through securities arbitration and the courts. To contact Scott L. Silver to discuss your legal matter, call toll-free (800) 975-4345 or e-mail him at SSilver@silverlaw.com

Dallas Stockbroker Wade Lawrence Gets 3 Years for Securities Fraud Scheme

February 1, 2016 | Silver Law Group

Dallas securities broker Wade Lawrence was given a three-year prison sentence January 20, 2015 by a Texas federal judge after pleading guilty to offering false investments that defrauded his friends and business associates out of more than $1.5 million for his own benefit.

The federal court also ordered Lawrence, 43, to pay $1,542,966 in restitution and forfeit $126,074 in proceeds in light of his August admission to a single charge of securities fraud at the time the criminal indictment was filed.

Beginning in January 2012 and continuing through September 2013, Lawrence engaged in a scheme to defraud to obtain funds from individuals, many of which had longstanding personal and business relationships and trusted him while he was working as a stockbroker at Southwest Securities, now part of Hilltop Securities Inc.

FINRA Suspends Registered Individuals for Failing to Comply with FINRA Rules in January 2016

January 27, 2016 | Silver Law Group

According to FINRA Disciplinary actions for January 2016, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
William Walter Almond	Morgan Stanley
	New England Securities
William Austin Bailey	Next Financial Group, Inc.
	Mutual Service Corporation
Brian Michael Berger	Newbridge Securities Corporation
	Metlife Securities Inc.
Joseph Craig Buchanan	Morgan Stanley Smith Barney
	UBS Financial Services Inc.
George William Carris	John Carris Investments LLC
	Brockington Securities, Inc.
Maurice Joseph Chelliah	Evolve Securities, Inc.
	World Group Securities, Inc.
Anthony Diaz	IBN Financial Services, Inc.
	Sandlapper Securities, LLC
Michael Harris Lauer	J.P. Morgan Securities LLC
	Morgan Stanley
Anthony Locantore	ING Financial Partners, Inc.
	SII Investments, Inc.
Wilhelm Nash	UBS Financial Services Inc.
	Credit Suisse Securities (USA) LLC
Peter Andrew Reinhart	Ameriprise Financial Services, Inc.
	Wells Fargo Advisors Financial Network, LLC
Chad Herschel Samuel	Wells Fargo Advisors, LLC
	Morgan Stanley Smith Barney
Charles Vaccarro	F1 Trading.com, Inc.
	Greenway Capital Corp.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

FINRA Suspends Registered Individuals for Violations of FINRA Rules in January 2016

January 27, 2016 | Silver Law Group

According to FINRA Disciplinary actions for January 2016, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Raymond Aleksey	Wells Fargo Advisors, LLC
Raymond Aleksey	Merrill Lynch, Pierce, Fenner & Smith Inc.
Matthew C. Ashton	Merrill Lynch, Pierce, Fenner & Smith Inc.
Ryan Jerry Attenson	Merrill Lynch, Pierce, Fenner & Smith, Inc.
Ryan Jerry Attenson	Wells Fargo Advisors, LLC
Azim, Kamran	The Huntington Investment Company
Tiffany Dawn Bee
Keith Joseph Bettex	Pruco Securities, LLC
Keith Joseph Bettex	F.N. Wolf & Co., Inc.
Bruce Scott Birke	Accelerated Capital Group
Bruce Scott Birke	Crown Capital Securities, L.P.
Toby Blackwood	PFS Investments Inc.
Angela K. Blaylock	Merrill Lynch, Pierce, Fenner & Smith Inc.
Benjamin Jon Brown	State Farm VP Management Corp.
Benjamin Jon Brown	American Express Financial Advisors Inc.
Thomas Anthony Cammarano	LPL Financial LLC
Thomas Anthony Cammarano	Associated Securities Corp.
Brian Andrew Dunn	Robert W. Baird & Co. Inc.
Brian Andrew Dunn	Citigroup Global Markets Inc.
Robert Blake Ellender	Invesco Distributors, Inc.
Robert Blake Ellender	John Hancock Funds, LLC
Susan Ann Ericson	UBS Financial Services Inc.
Jose L. Espinoza	J.P. Morgan Securities LLC
Jose L. Espinoza	Chase Investment Services Corp.
Aaron Alexander Fauntleroy	ICMA-RC Services, LLC
Craig Steven Ferraro	J.P. Morgan Securities LLC
Craig Steven Ferraro	Chase Investment Services Corp.
Michael W. Finn	Merrill Lynch, Pierce, Fenner & Smith
Alain J. Florestan	Caldwell International Securities
Alain J. Florestan	Brookstone Securities, Inc.
Robert Joseph Gray	Allstate Financial Services, LLC
Kyle Brockman Greene	J.P. Morgan Securities LLC
Larry Phillip Harvey, Jr.	J.P. Morgan Securities LLC
Larry Phillip Harvey, Jr.	Chase Investment Services Corp.
Christopher Hermiz	J.P. Morgan Securities LLC
Gregory Kieth Hines, Jr.	The Huntington Investment Company
Gregory Kieth Hines, Jr.	Chase Investment Services Corp.
Steve Everett Hinrichs	State Farm VP Management Corp.
Richard Allen Isgrig	Northwestern Mutual Investment Services, LLC
Richard Allen Isgrig	Robert W. Baird & Co. Inc.
Brian Grayson Kidder	High Point Capital Group, Inc.
Brian Grayson Kidder	Delaney Equity Group LLC
Warren Scott Koch	J.P. Morgan Securities LLC
Warren Scott Koch	Chase Investment Services Corp.
Matthew Lawrence Lalonde	Buckman, Buckman & Reid, Inc.
Matthew Lawrence Lalonde	LPL Financial LLC
Kathleen Mary Loney	LPL Financial LLC
Kathleen Mary Loney	Mutual Service Corporation
James Joseph McCarron III	J.P. Turner & Company, LLC
James Joseph McCarron III	QA3 Financial Corp.
Samuel Ryan McClain	Northwestern Mutual Investment Services, LLC
Marco A. Mendoza	J.P. Morgan Securities LLC
Marco A. Mendoza	Chase Investment Services Corp.
Vincent Joseph Menello, Jr.
Jason Scott Miller	J.P. Morgan Securities LLC
Jason Scott Miller	Chase Investment Services Corp.
Chakkin Tony Mok	Cetera Financial Specialists LLC
Chakkin Tony Mok	Hochman & Baker Securities, Inc.
Elizabeth Ann Monge	Lincoln Financial Advisors Corporation
Elizabeth Ann Monge	Valic Financial Advisors, Inc.
Samuel Sean Nelson	Waddell & Reed
Hai Yan Ni	T. Rowe Price Investment Services, Inc.
Hai Yan Ni	HSBC Securities (USA) Inc.
Darlene Byrd Page	Morgan Stanley
Darlene Byrd Page	UVest Financial Services Group, Inc.
Bernard Mark Parker	Edward Jones
Bernard Mark Parker	Beaconsfield Financial Services, Inc.
Christopher A. Parris	Nationwide Securities, Inc.
Christopher A. Parris	NYLife Securities, Inc.
Benjamin John Pritchett	Wells Fargo Adviosrs, LLC
Benjamin John Pritchett	Investors Capital Corp.
Francis Anthony Jason Punsalan	J.P. Morgan Securities LLC
Ebony C. Ranson
Toni Leynett Robertson	Caprock Securities, Inc.
Toni Leynett Robertson	Investment Professionals, Inc.
Carmie Lynn Shifflett	Citigroup Global Markets Inc.
Carmie Lynn Shifflett	Citicorp Investment Services
William Victor Siegel	Morgan Stanley
William Victor Siegel	Citigroup Global Markets Inc.
John Larry Simpson	Princor Financial Services Corporation
John Larry Simpson	Avalon Investment & Securities Group, Inc.
Robert Jay Snider	Thrivent Investment Management Inc.
Renate Barbel Sterrett	LPL Financial LLC
Renate Barbel Sterrett	Investacorp, Inc.
Abel Gaim Taklai	Key Investment Services LLC
Vladimir Tingue	Scottrade, Inc.
Vladimir Tingue	J.P. Morgan Securities LLC
Leonard Toth	Pruco Securities, LLC
Jean Ann Walsh-Josephson	Thrivent Investment Management Inc.
Joseph Arnold Weber	Farmers Financial Solutions, LLC
Joseph Arnold Weber	Equico Securities, Inc.
Teule S. Williams	J.P. Morgan Securities LLC
Teule S. Williams	Chase Investment Services Corp.
Robin Michelle Wolfgram	Cetera Advisors LLC
Robin Michelle Wolfgram	Foothill Securities, Inc.
Jamie Reid Zimmerman

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Registered Individuals Barred by FINRA for Violations of FINRA Rules in January 2016

January 27, 2016 | Silver Law Group

According to FINRA Disciplinary actions for January 2016, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Antonio Ambrosio
Brian Michael Corbman	Streetcapital, Inc.
Brian Michael Corbman	Tripoint Global Equities, LLC
Richard Gordon Drown, Jr.	D.A. Davidson & Co.
Richard Gordon Drown, Jr.	Crowell Weedon & Co.
Jason John Garcia	Merrimac Corporate Securities, Inc.
Jason John Garcia	Wallstreet*E Financial Services, Inc.
Honetta C. Kao	Meyers Associates, L.P.
Honetta C. Kao	Caldwell International Securities
Michael Terrence Snedeker	Investors Capital Corp.
Michael Terrence Snedeker	Banc of America Investment Services, Inc.
Cynthia Irene Taylor	BBVA Securities, Inc.
Cynthia Irene Taylor	BBVA Compass Investment Solutions, Inc.
John Howard Towers	VSR Financial Services, Inc.
John Howard Towers	Rushmore Securities Corporation
Marat Zeltser aka Matt Zeltser	Meyers Associates, L.P.
Marat Zeltser aka Matt Zeltser	Caldwell International Securities

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.